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Facebook's Libra Faces Regulatory Headwinds

Facebook is Real Money's Stock of the Day. The social media giant has come under pressure from politicians on both sides of the aisle regarding their Libra cryptocurrency. TheStreet's Katherine Ross breaks down what investors need to know.

The social media giant has come under pressure from politicians on both sides of the aisle regarding their Libra cryptocurrency.

President Trump tweeted yesterday, "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks"

The president's antithetical outlook toward digital currencies echoes concerns from Federal Reserve Chairman Jerome Powell, who on Thursday told lawmakers on Capitol Hill that the Libra launch is expected to be a major topic of discussion for G7 finance ministers and central bankers when they meet next month in France.